Eastern Cables returns to profit in Q3

State-run telecom equipment and wire manufacturer Eastern Cables Ltd returned to the profit in the January-March quarter of the current fiscal year.

As per its unaudited financial statement, the publicly traded company reported Tk 50.16 lakh in net profit in the third quarter of the fiscal year 2022-23, against the loss of Tk 84.48 lakh in the same quarter last fiscal.

The wire maker reported earnings per share (EPS) of Tk 0.19 for the January-March quarter of FY23, against the loss per share of Tk 0.32 for the same quarter last fiscal, sources at the company said.

Meanwhile, the listed firm’s earnings per share stood at Tk 0.44 for the July-March period of the current fiscal, against the loss per share of Tk 2.13 for the first nine months of FY22.

The company’s net asset value (NAV) per share stood at Tk 344.48 as on March this year, while its net operating cash flow per share (NOCFPS) was Tk 0.45.

The company gave a 2 per cent cash dividend to its shareholders for the year ended in June 2022.

BRB Group currently holds 23.66 per cent shares of Eastern Cables.

Currently, BRB Cables Chairman Md Mozibar Rahman owns 13.59 lakh or 5.66 per cent shares of Eastern Cables, while its Director Shamsur Rahman holds4.88 lakh or 2.04 per cent, MRS Industries 12.24 lakh or 5.10 per cent, and BRB Cables 11.96 lakh or 4.96 per cent. They all are directors of Eastern Cables Ltd too.

Sponsor-directors hold an 11.03 per cent stake in Eastern Cable Ltd, while the government owns a 51 per cent shares, institutional investors 7.09 per cent, and the general public 30.88 per cent.